Cries of financial distress from students unable to find private student loans have been relatively few and far between this fall, despite lots of newspaper headlines about a lack of availability of such loans. Interviews with many campus officials in recent weeks have indicated that while some campuses and students experienced delays in getting their money, and some borrowers were forced to pay more for their loans, few were deterred in any real way from pursuing their education.
A survey released Tuesday by the National Association of Independent Colleges and Universities, however, suggests that the student loan credit crunch has had an unexpectedly significant impact on the educational plans of students at private colleges. Because of how the survey is worded, gauging the exact scope of that impact, in terms of numbers of students, is difficult, and officials of the private college association said they could not ascertain that, either.
But the survey of about 500 colleges does suggest a meaningful impact. Fifty-seven percent of the colleges surveyed said that they had more than 10 students who had been unable to secure a private loan for the current academic year, and 49 colleges said they had at least 50 students who had been unable to secure loans — most because they were unable to find someone to co-sign their loans. Read full story. (Inside Higher Ed)